Prices at the pump continue to fall as motorists near the year-end travel holiday period.
Europe's lingering debt issues and somber economic outlook continue to put downward pressure on oil prices, AAA 's Auto Club Group said. The dollar gained momentum after the value of the euro fell curbing the appeal of oil as a commodity.
Oil prices also dropped after OPEC agreed to increase output quotas to 30 million barrels a day to meet future expected growth numbers, AAA said.
"Retail gas prices are forecast to decrease further as we near the year-end holiday travel period – a welcomed gift to motorists," said Jessica Brady, AAA spokeswoman for The Auto Club Group. "Although gas prices are almost 20 cents more than they were last year, they are substantially less than this year's peak price of $3.98 a gallon."
The national average price for a gallon of unleaded gasoline was $3.22, about 6 percent more than the average $3.04 during last year's travel period, and 5 cents less than last week's average of $3.27.
The downward trend of retail gasoline prices is expected to continue into the new year as oil prices drop back below $95 a barrel. Crude oil settled Friday at $93.53 a barrel on the New York Mercantile Exchange – $5.88 less than the week prior.
Florida’s average price of $3.26 a gallon was down 4 cents.
Here are the South Florida details:
• Fort Lauderdale: Regular unleaded was $3.33 a gallon, down from $3.35 a week ago and up from $3.06 a year ago.
• Miami: A gallon of regular unleaded gasoline was $3.33, down from $3.35 a week ago and up from $3.06 a year ago.
• West Palm Beach/Boca Raton: Regular unleaded averaged $3.37 a gallon, down from $3.39 the previous week and up from $3.09 a year ago.
